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The highly anticipated but unsurprising May rate cut saw lenders immediately begin to lower interest rates.
Many non-bank lenders even lowered rates prior to the announcement.
Following the February rate cut (the first time the cash rate was reduced in over four years), many lenders were quick to pass along the full 0.25 per cent.
Those who didn’t were quickly vilified by the media as the long-awaited relief was not honoured.
This time around, it appears lenders realised the consequences of not passing along the full 25-bp cut, prompting swift reactions from most.
However, analysis from realestate.com.au has named and shamed the lenders that have yet to adjust rates.
Those who have yet to drop (as of 22 May) – along with the current rate – are:
- Adelaide Bank: 6.04
- Australian Military Bank: 5.89
- Bank of China: 5.68
- Bank of us: 5.89
- Bank Orange: 5.69
- BankWAW: 5.54
- Beyond Bank: 5.89
- Border Bank: 5.59
- Broken Hill Bank: 6.64
- Cairns Bank: 5.99
- Central Murray Credit Union: 6.99
- Central West Credit Union: 6.04
- Coastline Credit Union: 6.69
- Community First Bank: 5.74
- Credit Union SA: 5.74
- Defence Bank: 5.84
- Dnister: 5.79
- Easy Street: 5.84
- Family First Credit Union: 5.7
- Fire Service Credit Union: 5.84
- First Option Bank: 5.74
- Firstmac: 6.03
- Freedom Lend: 5.9
- G&C Mutual Bank: 5.74
- Geelong Bank: 5.89
- Horizon Bank: 5.64
- Hume Bank: 5.74
- Illawarra Credit Union: 5.74
- La Trobe: 6.54
- Laboratories Credit Union: 5.95
- loans.com.au: 5.74
- Mortgage House: 5.64
- MOVE Bank: 5.69
- NICU: 5.74
- NRMA Insurance Home Loan: 5.78
- Pacific Mortgage Group: 5.64
- Police Bank: 5.59
- Police Credit Union: 5.74
- QBank: 5.74
- Queensland Country Bank: 5.74
- Reduce: 5.74
- resi: 6.14
- South West Slopes Bank: 5.95
- Sucasa: 6.05
- Summerland Bank: 5.59
- The Capricornian: 5.64
- The Mac: 5.67
- Tiimely Home: 5.79
- Transport Mutual Credit Union: 6.69
- Unity Bank: 5.74
- Up Home Loan: 5.75
- Warwick Credit Union: 6.14
- Well Money: 5.81
- Woolworths Team Bank: 6.34
- Yard: 6.14
- Yellow Brick Road: 6.64
Realestate.com.au lists a total of 56 lenders that have not implemented RBA’s rate target.
On the plus side, the analysis also included those that have passed along the cut, including the current rate and the date by which it will be available:
- ANZ: 5.59 – 30 May
- CommBank: 5.59 v 30 May
- NAB: 5.94 – 30 May
- Westpac: 5.59 – 3 June
- AMP: 5.64 – 2 June
- Arab Bank Australia: 5.45 – 3 June
- Athena: 5.74 – 20 May
- Aussie: 5.69 – 6 June
- Australian Mutual Bank: 5.39 – 1 June
- Australian Unity: 5.54 – 4 June
- Auswide Bank: 5.59 – 5 June
- Bank Australia: 5.63 – 2 June
- Bank First: 5.49 – 29 May
- Bank of Melbourne: 5.79 – 3 June
- Bank of Sydney: 5.54 – 3 June
- BankSA: 5.79 – 3 Jun
- BankVic: 5.48 – 3 June
- Bankwest: 5.69 – 30 May
- bcu: 5.49 – 10 June
- Bendigo Bank: 5.64 – 6 June
- Bluestone: 6.54 – 11 June
- BOQ: 5.63 – 6 June
- Firefighters Mutual Bank: 5.49 – 1 June
- Gateway Bank: 5.45 – 27 May
- Goulburn Murray Credit Union: 5.69 – 3 June
- Greater Bank: 5.49 – 30 May
- Great Southern Bank: 5.64 – 3 June
- Heritage Bank: 5.49 – 30 May
- Homeloans: 5.89 – 11 June
- Homestar Finance: 5.49 – 16 June
- HSBC: 5.49 – 2 June
- IMB: 5.54 – 30 May
- ING: 5.64 – 3 June
- Liberty Financial: 5.99 – 3 June
- Macquarie Bank: 5.64 – 23 May
- ME: 5.63 – 7 June
- MyState Bank: 5.54 – 5 June
- Newcastle Permanent: 5.49 – 30 May
- P&N Bank: 5.63 – 10 June
- People’s Choice Credit Union: 5.39 – 30 May
- Pepper Money: 6.04 – 5 June
- Qantas Money: 5.68 – 6 June
- Qudos Bank: 5.44 – 29 May
- RACQ Bank: 5.39 – 3 June
- Regional Australia Bank: 5.44 – 4 June
- Resimac Financial Services: 5.89 – 11 June
- Southern Cross Credit Union: 5.73 – 1 June
- St.George: 5.79 – 3 June
- Suncorp: 5.65 – 30 May
- Teachers Mutual Bank: 5.49 – 1 June
- The Mutual Bank: 5.49 – TBC
- Ubank: 5.59 – 29 May
- UniBank: 5.49 – 1 June
- Unloan: 5.49 – 20 May
- Virgin Money: 6.19 – 6 June
The realestate.com.au data reports lenders yet to pass along the rate as of 22 May. This may be subject to change as lenders stagger interest rate cuts.
